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Murphy Oil (MUR) Q4 Earnings and Revenues Beat Estimates
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Murphy Oil Corporation (MUR - Free Report) posted fourth-quarter 2022 adjusted net income of $1.10 per share, beating the Zacks Consensus Estimate of $1.09 by 0.9%. The bottom line improved a whopping 175% from the year-ago quarter’s earnings of 40 cents.
The 2022 adjusted earnings per share were $5.59, up 333.3% from $1.29 per share in the year-ago period.
Revenues
In the quarter under review, Murphy Oil’s revenues of $975.2 million beat the Zacks Consensus Estimate of $847 million by 15.1%. The top line improved by 32% from the prior-year quarter’s $738.9 million.
In 2022 total revenues were $3,932.7 million, up 71% year over year.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil produced 173,589 barrels of oil equivalent per day (BOE/D) in the fourth quarter (excluding noncontrolling interest in GOM), compared with 150,226 BOE/D in fourth-quarter 2021. Out of the total fourth-quarter 2022 production, 62% was liquids. MUR’s fourth-quarter production was near the lower end of expected production volumes in the range of 1,73,500-1,81,500 BOE/D.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $651.1 million, up 51.8% from $428.9 million in the prior-year quarter.
Murphy Oil incurred net interest charges of $34.7 million, down 20.1% from $43.4 million in the prior-year quarter. Murphy Oil during 2022 achieved debt reduction goal of $650 million through senior notes redemptions, partial tender and open market transactions, which will lower annual interest expenses.
Murphy Oil increased its annualized dividend to $1.10 per share from $1.00. The new quarterly dividend of 27.50 cents is payable on Mar 1, 2023, to stockholders of record as of Feb 13, 2023.
MUR’s total proved reserves at 2022 end were 697 million barrels of oil equivalent (MMBOE) compared with 699 MMBOE at 2021 end.
Financial Condition
Murphy Oil had cash and cash equivalents of $492 million as of Dec 31, 2022 compared with $521.2 million as of Dec 31, 2021.
Long-term debt totaled $1,822.5 million on Dec 31, 2022 compared with $2,465.4 million as of Dec 31, 2021.
Net cash provided by continuing operational activities in 2022 was $2,180.2 million compared with $1,422.2 million in 2021.
Guidance
MUR expects its first-quarter 2023 production guidance, excluding NCI, in the range of 161,000-169,000 BOE/D band.
Murphy Oil expects 2023 capital expenditures in the range of $875- $1,025 million. MUR is expecting 2023 production volumes in the range of 1,75,500–1,83,500 BOE/D.
Murphy Oil targets further debt reduction of $500 million in 2023.
TotalEnergies SE (TTE - Free Report) is going to release fourth-quarter 2022 earnings on Feb 2, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $2.93, reflecting a year-over-year growth of 14.9%.
TotalEnergies’ long-term (three- to five-year) earnings growth is projected at 8.6%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 109.1%.
Devon Energy Corp. (DVN - Free Report) is going to release fourth-quarter 2022 earnings on Feb 14, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $1.86, reflecting a year-over-year growth of 33.8%.
Devon Energy’s long-term earnings growth is projected at 51.7%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 140.5%.
Occidental Petroleum (OXY - Free Report) is going to release fourth-quarter 2022 earnings on Feb 27, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $1.85, reflecting a year-over-year growth of 25%.
Occidental Petroleum ’s long-term earnings growth is projected at 23.8%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 276.9%.
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Murphy Oil (MUR) Q4 Earnings and Revenues Beat Estimates
Murphy Oil Corporation (MUR - Free Report) posted fourth-quarter 2022 adjusted net income of $1.10 per share, beating the Zacks Consensus Estimate of $1.09 by 0.9%. The bottom line improved a whopping 175% from the year-ago quarter’s earnings of 40 cents.
The 2022 adjusted earnings per share were $5.59, up 333.3% from $1.29 per share in the year-ago period.
Revenues
In the quarter under review, Murphy Oil’s revenues of $975.2 million beat the Zacks Consensus Estimate of $847 million by 15.1%. The top line improved by 32% from the prior-year quarter’s $738.9 million.
In 2022 total revenues were $3,932.7 million, up 71% year over year.
Murphy Oil Corporation Price, Consensus and EPS Surprise
Murphy Oil Corporation price-consensus-eps-surprise-chart | Murphy Oil Corporation Quote
Operational Highlights
Murphy Oil produced 173,589 barrels of oil equivalent per day (BOE/D) in the fourth quarter (excluding noncontrolling interest in GOM), compared with 150,226 BOE/D in fourth-quarter 2021. Out of the total fourth-quarter 2022 production, 62% was liquids. MUR’s fourth-quarter production was near the lower end of expected production volumes in the range of 1,73,500-1,81,500 BOE/D.
In the quarter under review, Murphy Oil’s total costs and expenses amounted to $651.1 million, up 51.8% from $428.9 million in the prior-year quarter.
Murphy Oil incurred net interest charges of $34.7 million, down 20.1% from $43.4 million in the prior-year quarter. Murphy Oil during 2022 achieved debt reduction goal of $650 million through senior notes redemptions, partial tender and open market transactions, which will lower annual interest expenses.
Murphy Oil increased its annualized dividend to $1.10 per share from $1.00. The new quarterly dividend of 27.50 cents is payable on Mar 1, 2023, to stockholders of record as of Feb 13, 2023.
MUR’s total proved reserves at 2022 end were 697 million barrels of oil equivalent (MMBOE) compared with 699 MMBOE at 2021 end.
Financial Condition
Murphy Oil had cash and cash equivalents of $492 million as of Dec 31, 2022 compared with $521.2 million as of Dec 31, 2021.
Long-term debt totaled $1,822.5 million on Dec 31, 2022 compared with $2,465.4 million as of Dec 31, 2021.
Net cash provided by continuing operational activities in 2022 was $2,180.2 million compared with $1,422.2 million in 2021.
Guidance
MUR expects its first-quarter 2023 production guidance, excluding NCI, in the range of 161,000-169,000 BOE/D band.
Murphy Oil expects 2023 capital expenditures in the range of $875- $1,025 million. MUR is expecting 2023 production volumes in the range of 1,75,500–1,83,500 BOE/D.
Murphy Oil targets further debt reduction of $500 million in 2023.
Zacks Rank
Murphy Oil currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
TotalEnergies SE (TTE - Free Report) is going to release fourth-quarter 2022 earnings on Feb 2, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $2.93, reflecting a year-over-year growth of 14.9%.
TotalEnergies’ long-term (three- to five-year) earnings growth is projected at 8.6%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 109.1%.
Devon Energy Corp. (DVN - Free Report) is going to release fourth-quarter 2022 earnings on Feb 14, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $1.86, reflecting a year-over-year growth of 33.8%.
Devon Energy’s long-term earnings growth is projected at 51.7%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 140.5%.
Occidental Petroleum (OXY - Free Report) is going to release fourth-quarter 2022 earnings on Feb 27, 2023. The Zacks Consensus Estimate for earnings per share is pegged at $1.85, reflecting a year-over-year growth of 25%.
Occidental Petroleum ’s long-term earnings growth is projected at 23.8%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 276.9%.